Republicans and Democrats have reached an agreement regarding the draft law on lifting the four-decades-old ban on crude oil export from the USA, Lenta.ru reports.
The document was endorsed by the Congress within the approval of budget package on the 17th December. The member of the House of Representatives Ann Wagner (Republican party) informed that in exchange for lifting the embargo democrats will receive the opportunity to force their draft laws on temporary tax benefits for stimulating wind and sun energy.
On the 16th December the WTI crude oil costs 36.83$ per barrel, Brent Blend – 37.65$ (information at 12:15 MT).
According to data as of the 9th December, US commercial crude oil reserves (they do not include strategic reserve – about 700 millions of barrels) make up 490 millions of barrels.
The US government limited crude oil export in 1973. The United States supported Israel in “Judgment Day” against Egypt, Syria, Iraq and Jordan. In response to this Arab countries imposed embargo for supplies of crude oil to the USA. Its cost increased four times – from 3 to 12$ per barrel. Having run out of raw material, USA decided to use extracted oil for internal needs and banned its sales abroad. Arab sanctions were lifted in 1974, and US embargo is still effective.
